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Arrow Global Acquires Amitra from CPPIB

Arrow Global Acquires Amitra from CPPIB

British asset management firm Arrow Global has acquired European investor Amitra Capital from the Canada Pension Plan Investment Board for an undisclosed price.

Arrow specializes in credit and real estate.

“This acquisition significantly expands Arrow’s footprint in Spain and provides a foundation for future collaboration with [CPPIB], focusing on both current and prospective investment opportunities,” said the Toronto-based CPPIB in a news release.

Based in London and Madrid, Amitra was founded in 2019. The company specializes in managing European non-performing loans and real estate investments. Amitra has €4 billion in assets under management and has established a strong presence in Spain and Portugal’s NPL and real estate markets, said CPPIB.

As part of the sale agreement, CPPIB has retained its current direct economic interest in all portfolios managed by Amitra.

“This acquisition builds on our existing presence in Spain alongside our other operations, including Elba Finance and Galata,” said Zach Lewy, Arrow’s founder, CEO and chief investment officer, in a news release. “It also sets the stage for a broader strategic partnership with [CPPIB.]”

The acquisition includes a new five-year servicing agreement between Arrow and CPPIB.

“The sale of Amitra Capital to Arrow Global, and the establishment of a long-term strategic partnership, is centred on Arrow Global’s extensive knowledge and experience in real estate asset-backed investments,” said Derek Jackson, CPPIB’s managing director of European credit.

“We have built a strong asset management business in Amitra Capital which is complementary and valuable to Arrow’s franchise, can access the scale and scope of their platform and we look forward to seeing the combined business move from strength to strength.”

The acquisition will also build Arrow’s role as a leading investment and servicing capability in the Iberian market, said CPPIB.

(Connect CRE will hold its inaugural Canada Kick-off Event in Toronto on June 11. This will be Connect’s first commercial real estate industry conference in Canada. Panelists will include Syl Apps, managing director and co-country head for Hines; Lindsay Brand, chief investment officer at Concert Properties; Mark Kenney, CEO of Canadian Apartment Properties REIT; and, Marie-France Benoit, Avison Young’s director of Canadian market intelligence. Come and gain insights from industry leaders on such matters as buyer sentiment amid a lower interest-rate environment, cross-border transaction trends, and investors’ outlook for 2024 and beyond. Register today.)

Photo: Shutterstock


Inside The Story

Zach LewyDerek Jackson

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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